Blackstone Acquires 50% of 60 Margaret
Pacific Alliance Group (PAG) have sold their 50% of 60 Margaret Street Sydney to Blackstone for approximately $420m. PAG picked up its interest in the asset in 2015 from superannuation fund MTAA Super for just over $300m.
Blackstone will now work with co-owner Mirvac to extract greater value out of the asset which is well positioned alongside the Wynyard place development.
The A-grade building, which consists of 36 levels of A-grade office space with 40,985sqm has ING Direct as a major tenant. The retail centre which comprises a further 6,419sqm is anchored by a street-level Woolworths supermarket and has more than 75 specialty stores.
The Blackstone deal may have been made easier following their acquisition of a minority stake in PAG through its Strategic Capital Holdings Fund which is part of Blackstone Alternative Asset Management (BAAM) division.